The project is a package deal from Hollywood talent agency CAA, with the lead actor and director attached to make the film for whatever studio picks up the deal. No writer is attached and a release date has yet to be determined.

Deadline claims that Universal, the studio distributing Fast Five, is hot for the deal, as well as Sony and Lionsgate. Lin has a solid relationship with Universal, given the success of his Fast and Furious films.

"Come with me if you want a sequel."

While early rumors of Lin helming the project were met with head-scratching, the director has since silenced the naysayers given Fast Five's impressive international grosses and that movie's overall strong word-of-mouth.

The news comes as the former California Governor is quick to start the next chapter in an action movie career near and dear to us at IGN. No word on how this announcement will impact another project Arnold was circling, the action thriller The Last Stand.

The new Terminator movie comes on the heels of a long and complicated rights issue regarding the property, which, like the Superman rights, is governed by a ticking clock in regards to how long rights holders have to make a film. Deadline reports that the rights will revert back to James Cameron in 2018, and speculates that whomever makes a fifth Terminator movie will have plenty of time to make a sixth if they so desire.

The franchise started with 1984's The Terminator, directed by Cameron, who also helmed the very popular sequel, T2. Terminator: Rise of the Machines (the last Terminator headlined by Arnold) and McG's Terminator: Salvation followed with mixed critical and box office reception.

In short: A fifth Terminator movie, starring the original Terminator, is happening. We don't want to wait. We're going to get naked and jump in our purple time machine energy ball. We just hope there are clothes, boots and a motorcycle when we get there. (Reference!)